sales_and_leases

JLL Secures 42,989 SF Office Lease in Dallas for HR Firm

by Taylor Williams June 1, 2017

DALLAS — JLL has secured a 42,989-square-foot office lease for payroll and HR firm BenefitMall as the company relocates its headquarters to Hidden Grove at 12404 Central, a four-story, 231,590-square-foot office property in north Dallas. Jeff Eckert, James Esquivel and Ahnie Gampper of JLL represented the landlord, Red River Asset Management, in the transaction. BenefitMall is the third company to relocate its headquarters to the property in the last nine months, following Latin restaurant chain Pollo Campero and Dallas-based entertainment firm Studio Movie Grill.

June 1, 2017

Xenia Hotels Purchases Hyatt Regency Grand Cypress in Orlando for $205.5M

by John Nelson June 1, 2017

ORLANDO, FLA. — Xenia Hotels & Resorts Inc. has purchased the 815-room Hyatt Regency Grand Cypress in Orlando for $205.5 million. An affiliate of Hyatt Hotels Corp. sold the hotel, which features six food and beverage outlets, more than 65,000 square feet of indoor and outdoor meeting and event space, a full-service spa and access to 45 holes of Jack Nicklaus signature-designed golf courses. The hotel has received roughly $32 million in capital investment over the past five years, including major improvements to the public spaces and food and beverage outlets. Xenia Hotels plans to renovate the guestrooms and existing meeting space, as well as add a new ballroom.

June 1, 2017

Massachusetts Mixed-Use Northeast Top Stories

HYM Purchases Racetrack Near Boston for $155M, Plans Mixed-Use Development Project

by John Nelson June 1, 2017

EAST BOSTON AND REVERE, MASS. — The HYM Investment Group LLC, a mixed-use developer based in Boston, has purchased Suffolk Downs, a 161-acre horse racetrack located in East Boston and Revere. Sterling Suffolk Racecourse LLC sold the asset in a sale-leaseback transaction to HYM’s affiliate, The McClellan Highway Development Co. LLC, for $155 million. The under-utilized horse racing facility will officially close after the summer of 2018, according to HYM. The Boston Globe reports that the racetrack is only planning on hosting six live races this season. HYM plans to redevelop Suffolk Downs into a transit-oriented, mixed-use project, including office, retail, housing and open space. HYM expects to develop street-level retail and housing in the redevelopment’s first phase. No timeline for construction was given. “In our dozens of preliminary meetings with elected officials and local community stakeholders in Revere and East Boston recently, we consistently heard that local residents want retail, restaurants and new job opportunities. This development will provide all, while also setting aside a significant amount of the site for open space and providing better connections to the neighborhood,” says Thomas O’Brien, founding partner and managing director of HYM Investment Group. “We are looking forward to engaging the …

June 1, 2017

California Office Western

Mariner, PRES Buy St. Joseph Health System Office Building in Anaheim for $58.9M

by Nellie Day May 31, 2017

ANAHEIM, CALIF. — A joint venture between Mariner Real Estate Management and PRES Cos. has purchased a 191,556-square-foot office building in downtown Anaheim for $58.9 million. St. Joseph Health System fully occupies the asset. The building is located at 200 W. Center St. Promenade. It was built in 1992 and renovated in 2015. St. Joseph maintains a long-term lease at the property that still has 10 years left. NGKF’s David Milestone and Brett Green represented the buyers. The same firm’s Kevin Shannon, Paul Jones, Ken White and Blake Bokosk represented the undisclosed seller.

May 31, 2017

California Multifamily Seniors Housing Western

Marcus & Millichap Negotiates $5.4M Sale of 40-Unit Seniors Housing Community in Hemet

by Nellie Day May 31, 2017

HEMET, CALIF. — Marcus & Millichap has arranged the $5.4 million sale of The Terrace at Seven Hills, a 40-unit seniors housing property in Hemet, located east of Los Angeles and north of San Diego. Built in 2012, the property is age restricted and features 12 one-bedroom, one-bath units and 28 two-bedroom, two-bath units. The sales price equates to $135,000 per unit and a capitalization rate just under 6 percent. Reza Ghaffari from Marcus & Millichap’s Ontario office represented the seller, a limited liability company. Ghaffari and Mark Bridge represented the buyer, a private investor.

May 31, 2017

Mixed-Use Texas

Whitestone Acquires 216,944 SF Mixed-Use Asset in Houston for $158M

by Taylor Williams May 31, 2017

HOUSTON — Whitestone REIT (NYSE: WSR) has acquired BLVD Place, a 216,944-square-foot, mixed-use property in Houston’s Galleria/Uptown neighborhood. Whitestone purchased the property for approximately $158 million, according to realtynewsreport.com. The property was 99 percent leased at the time of sale by tenants such as Whole Foods Market, Frost Bank and Verizon Wireless. The sale includes 1.4 acres upon which the company will develop a six-story mixed-use building featuring 46,000 square feet of retail space and 91,000 square feet of office space.

May 31, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of 192-Unit Apartment Complex in San Antonio

by Taylor Williams May 31, 2017

SAN ANTONIO — Marcus & Millichap has brokered the sale of The Richland Apartments, a 192-unit multifamily complex located at 7791 Woodchase Drive near the South Texas Medical Center and the University of Texas at San Antonio. Amenities include a pool, 24-hour fitness center and a resident clubhouse with a game room. Will Balthrope, Drew Kile and Jordan Featherston of Marcus & Millichap represented the seller in the transaction and procured the buyer.

May 31, 2017

Florida Multifamily Southeast

CBRE Arranges $50.7M Sale of Apartment Community in Southwest Orlando

by John Nelson May 31, 2017

ORLANDO, FLA. — CBRE has arranged the $50.7 million sale of Mission Club, a 356-unit apartment community located off International Drive at 6739 Mission Club Blvd. in southwest Orlando. White Eagle Property Group purchased the asset from Mission Club Owner LLC. Built in 1996, the gated property features a clubhouse, sports courts, pool and sundeck, whirlpool spa, 3D surround sound theater, fitness center, business center, playground with a wading pool and private garages. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

May 31, 2017

Multifamily Southeast Tennessee

Continental Realty Acquires Apartment Community in Metro Nashville for $47.3M

by John Nelson May 31, 2017

MURFREESBORO, TENN. — Continental Realty Corp. has acquired Bell Murfreesboro, a 320-unit apartment community located at 3920 Puckett Creek Crossing in Murfreesboro, about 35 miles southeast of Nashville. The Baltimore-based investment firm purchased the asset from Bell Partners Inc. for $47.3 million. Built in 2008, the property features a clubhouse, swimming pool, recreational area and a pond. The one-, two- and three-bedroom units average 1,028 square feet, and 73 units feature one- or two-car garages. Russ Oldham, Steve Massey and Brett Kingman of CBRE Nashville represented Bell Partners in the transaction. This is the ninth acquisition for Continental Realty Fund IV, a $164 million fund that purchases value-add retail and multifamily properties in the Mid-Atlantic and Southeast.

May 31, 2017

Industrial Midwest Ohio

Covington Group Acquires 500,625 SF Industrial Warehouse in Columbus, Ohio

by Kristin Harlow May 31, 2017

COLUMBUS, OHIO — Covington Group Inc. has acquired a 500,625-square-foot industrial warehouse and distribution facility in Columbus for an undisclosed price. The two-building property is located near the John Glenn Columbus International Airport. A single tenant occupies 70 percent of the property. Covington plans to make improvements to the buildings such as exterior painting, landscaping, new signage and a refocused leasing effort. Covington also acquired an industrial building in Baltimore as part of the same transaction.

May 31, 2017

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